The familiar £1 coin will not be round for much longer. A new 12-sided coin will be introduced in 2017 and charities and businesses are being urged to make preparations for handling it.

What should charities do?
Charities that handle cash should, according to the Government, take the following steps before March 2017:

  • Check whether they operate equipment that handles the £1 coin;
  • Contact their equipment supplier to find out if they need to make any adaptations or upgrades;
  • Make the necessary changes to their coin handling equipment;
  • Train their staff on the features of the new £1 coin; and
  • Make arrangements with their bank or cash in transit provider to return the current £1 coin and new £1 coin in separate packaging.

More information is available from thenewpoundcoin.com.

source ukfundaising 12.11.16